movva.ramakrishna

Nifty : Is X Wave round the corner ?

NSE:NIFTY   NIFTY 50
170 3 2
5 months ago
Wave C of the Correction is extended. There is some way to go before completion. However since there are multiple issues in global market and Wave 3 was extended. There is a case for an complex correction. In this case the market will rapidly move back to 8200 in matter of hours and it will seem like the trend has resumed. However a further ABC correction will commence.Risk reward is in Favor of this happening. Traders should wait for the corrective action to settle down before the market will execute this.

Also the X wave will trap both bears and bulls so trades with good experience should ideally trade

If the market instead forms a sloping wedge with a slow and painful incline then the X wave is not happening and perhaps the sub- wave 1 of Wave 5 which means a long impulse up move can be expected.
5 months ago
Trade active: The first Sub-wave for X -wave has stared. This should be a three wave formation unless disrupted by global news which is very heavy. Watch Europe open carefully. Entered Market at 8098.

Protection should be sought against FED announcement and BREXIT. Contemplating buying 8100 puts if the trade is active overnight.
5 months ago
Trade closed: target reached: Target of 8200 reached and therefore trade closed at 8211. Nifty will suck all the bulls in and get shorts out before a reversal. Waiting for the three wave formation to complete for the next trade
ASKSANTHOSHPM
5 months ago
Ideally what level nifty could go down and expect bounce back
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movva.ramakrishna ASKSANTHOSHPM
5 months ago
I just base my analysis on wave Count. The 5th Sub Wave of Correction C is in-progress. It is very hard to get a target for the 5th Sub-wave. My Guesstimate is market will settle before reaching 8050 levels and then we can expect this to happen. Again as i said whenever it happens it could be rapid if not the whole hypothesis goes out of the Window.

Since based on ABC pattern there are 210 Nifty Points in the kitty. Worth taking a pot shot at this with a risk of giving back 50 or 80. However if it is a fresh trade than it is very difficult to Navigate.
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ASKSANTHOSHPM
5 months ago
Thanks
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